Fuerteventura Forum

General Chit Chat & Queries - no commercial links => Money, Currency & Banks etc. => Topic started by: caza on September 16, 2016, 14:33:06 PM

Title: How May €uros
Post by: caza on September 16, 2016, 14:33:06 PM
Afternoon All
Can anyone tell me how many euros( thousands ) I can bring to Fuerte ,
I'm trying to avoid paying commission re transferring from my UK bank acct ,

Many thanks
Title: Re: How May €uros
Post by: F1REFLY999 on September 16, 2016, 16:37:58 PM
Use Transferwise and avoid the charges
Title: Re: How May €uros
Post by: caza on September 16, 2016, 16:45:19 PM
I do have a transferwise, but you still get charged !
Think it's around £5 per £1000
Title: Re: How May €uros
Post by: Globetrotter on September 16, 2016, 17:21:44 PM
Quote from: caza on September 16, 2016, 16:45:19 PM
I do have a transferwise, but you still get charged !
Think it's around £5 per £1000
Better to lose a few pounds than the whole lot  :)
Title: Re: How May €uros
Post by: caza on September 16, 2016, 17:46:14 PM
Just found out that cos I'll be taking in/out of EU there is no limit !
Title: Re: How May €uros
Post by: Johnrgby2 on September 16, 2016, 17:49:08 PM
Quote from: caza on September 16, 2016, 17:46:14 PM
Just found out that cos I'll be taking in/out of EU there is no limit !

Rather you than me.
Title: Re: How May €uros
Post by: caza on September 16, 2016, 18:12:14 PM
Do I need to be concerned taking a large amount of euros , although there is no limit within theEU ??
Title: Re: How May €uros
Post by: caza on September 16, 2016, 19:04:11 PM
Getting confused !!!

I've just researched more and it says Canary Islands aren't covered by the EU rules .

Can anyone confirm this please ?
Thanks
::) ::)
Title: Re: How May €uros
Post by: Archer on September 16, 2016, 21:47:19 PM
If this is to buy a home, then some Notary's ask for proof of where the funds originated. Not easy with cash! I had a prob with IoM held funds from Nationwide.
If it is to pay bills, you will need to pay it into your Esp a/c. Most uk expats find their a/c is 'checked' regularly by the authorities, for which they get charged a fee, for the pleasure. Again some explaining to do.
Some banks will not handle more than â,¬600euro in cash.
This is my experience...other people may differ.
Title: Re: How May €uros
Post by: SheilaW on September 17, 2016, 08:36:08 AM
The Canaries are not in the Fiscal EU. We don't have VAT, but we have low customs limits, we have to import even our own already-owned belongings. Those customs limits mean there's a very low amount of cash that can be transported legally. Look on the UK gov website for the allowances outside the EU - they're the same as here - 1 litre spirits, 250 cigarettes, and I imagine it will say the cash limit too.

In some respects we're regarded as a tax haven, though that doesn't seem to prevent me having huge tax bills. I would be very wary of doing anything that might be regarded as 'fiscally shady'.

If it is for a house purchase, contact Sabadell. They have special arrangements fora large transfer if you're taking their house insurance. It can be cancelled after a year.
Title: Re: How May €uros
Post by: Windermeregolfer on September 17, 2016, 09:21:03 AM
Hi Caza

We have used UKForex for transferring money over for our purchases this year including paying direct to contractors and transferring money into our Sabadell Atlantico Centre Branch account. I have found UKForex rate slightly better than Transferwise and defiantly much better than the banks.

I don't quite understand your initial question, if you were referring to â,¬ in cash to try and save the small commission fee then you would have to consider what exchange rate you are going to get in the UK to buy the â,¬'s and certainly in my experience the brokers such UKForex or Transferwise offer a far better rate than the banks and Post Office. 
Title: Re: How May €uros
Post by: caza on September 17, 2016, 18:46:52 PM
Many thanks for all of your replies and advise .

Have a good wk/end

Only 4 more sleeps till I return  :) :) ;)
Title: Re: How May €uros
Post by: TamaraEnLaPlaya on September 18, 2016, 01:57:32 AM
Forget all the considerations re exchange rates/commission/limits - it's just not safe to carry large amounts of cash! You could lose the lot with no comeback, surely paying a small commission can be considered worthwhile insurance? Don't take the risk, it's not worth it!
Title: Re: How May €uros
Post by: Deso on September 18, 2016, 10:31:48 AM
http://www.moneysavingexpert.com/banking/foreign-currency-exchange
Title: Re: How May €uros
Post by: caza on September 21, 2016, 23:10:02 PM
Myself and â,¬"s arrived safely 😀

within the allowance .
Title: Re: How May €uros
Post by: MLA on October 01, 2016, 13:37:02 PM
UKFOREX currently at a Rate of 1 GBP equals:   EUR 1.1500
No fees